8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2021

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Tennessee	001-12762	62-1543819
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

Tennessee	333-190028-01	62-1543816
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6815 Poplar Avenue, Suite 500
Germantown, Tennessee	38138
(Address of Principal Executive Offices)	(Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)	MAA	New York Stock Exchange
8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)	MAA*I	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 Results of Operations and Financial Condition.

On October 27, 2021, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of September 30, 2021 and for the three and nine months then ended. Copies of the press release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report under this Item 2.02 (including Exhibits 99.1 and 99.2) is being “furnished” and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or Mid-America Apartments, L.P. (“MAALP”) under the Exchange Act or the Securities Act of 1933, as amended.

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release dated October 27, 2021
99.2	Supplemental Data Schedules dated October 27, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	October 27, 2021	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

		MID-AMERICA APARTMENTS, L.P.
		By: Mid-America Apartment Communities, Inc., its general partner
Date:	October 27, 2021	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

EX-99.1

Exhibit 99.1

 

TABLE OF CONTENTS
Overview	3
Financial Highlights	8
Consolidated Statements of Operations/Share and Unit Data	9
Consolidated Balance Sheets	10
Reconciliation of Non-GAAP Financial Measures	11
Non-GAAP Financial Measures	14
Other Key Definitions	16
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
NOI Contribution Percentage by Market	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment Pipeline/2021 Acquisition Activity/2021 Disposition Activity	S-8
Investments in Unconsolidated Real Estate Entities/Debt and Debt Covenants as of September 30, 2021	S-9
2021 Guidance/Reconciliation of Net Income per Diluted Common Share to Core FFO and Core AFFO per Share for 2021 Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

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OVERVIEW

MAA REPORTS THIRD QUARTER RESULTS

GERMANTOWN, TN, October 27, 2021/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended September 30, 2021.

Third Quarter 2021 Operating Results	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Earnings per common share - diluted	$	0.73	$	0.52	$	3.01	$	1.47
Funds from operations (FFO) per Share - diluted	$	1.85	$	1.58	$	5.19	$	4.66
Core FFO per Share - diluted	$	1.78	$	1.57	$	5.11	$	4.78

A reconciliation of FFO and Core FFO to net income available for MAA common shareholders and an expanded discussion of the components of FFO and Core FFO can be found later in this release. FFO per Share – diluted and Core FFO per Share –diluted include diluted common shares and units.

Eric Bolton, Chairman and Chief Executive Officer, said, “Demand for apartment housing continues to increase across our Sunbelt markets. Strong pricing trends across all our markets were captured in the third quarter and we will carry good momentum into 2022. Our new development pipeline is expanding and leasing performance is ahead of expectations. MAA’s uniquely diversified portfolio of high-quality communities focused on the high growth Sunbelt region, supported by a strong balance sheet, is well-positioned to drive higher value as economic recovery across the Sunbelt region continues.”

Third Quarter 2021 Highlights

Property revenues from the Same Store Portfolio increased 6.7% during the third quarter of 2021 as compared to the same period in the prior year, ahead of expectations.

The increase in Property revenues was driven by a 6.3% growth in Average Effective Rent per Unit for the Same Store Portfolio, reflecting cumulative rent growth over the past year, as well as higher Average Physical Occupancy.

Property operating expenses for the Same Store Portfolio increased 1.5% during the third quarter of 2021 as compared to the same period in the prior year.

Net Operating Income (NOI) from the Same Store Portfolio increased 10.2% during the third quarter of 2021 as compared to the same period in the prior year.

Resident turnover remained low as resident move outs for the Same Store Portfolio for the third quarter of 2021 was 45.9% on a rolling twelve month basis.

MAA completed redevelopment of 2,192 apartment homes during the third quarter of 2021, capturing average rental rate increases of approximately 12% above non-renovated units.

As of the end of the third quarter of 2021, MAA had eight properties under development, representing 2,654 units once complete, with a total projected cost of $627.5 million and an estimated $243.7 million remaining to be funded.

Four of the eight development properties have initiated their leasing activities with leasing velocity and rents ahead of expectations.

During the third quarter of 2021, MAA completed the lease-up of MAA Frisco Bridges II in the Dallas, Texas market. As of the end of the third quarter of 2021, Novel Midtown located in Phoenix, AZ remained in lease-up with physical occupancy of 76.8%. Novel Midtown is expected to stabilize in the second quarter of 2022.

During the third quarter of 2021, MAA's operating partnership, Mid-America Apartments, L.P. (referred to as MAALP or the Operating Partnership), issued $300.0 million of five-year unsecured senior notes at a coupon of 1.100% and an issue price of 99.553%, and an additional $300.0 million of 30-year unsecured senior notes at a coupon of 2.875% and an issue price of 98.588%.

During the third quarter of 2021, MAA entered into 18-month forward sale agreements totaling 1.1 million shares of common stock at an initial forward sale price of $190.56 per share.

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were owned by MAA and stabilized at the beginning of the previous year.

The Same Store Portfolio revenue growth of 6.7% during the third quarter of 2021 was primarily a result of a 6.3% increase in Average Effective Rent per Unit, as compared to the same period in the prior year. Average Physical Occupancy for the Same Store Portfolio was 96.4% for the third quarter of 2021, as compared to 95.5% for the same period in the prior year. Same Store Portfolio lease pricing for

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leases effective during the third quarter of 2021, as compared to the prior lease, increased 20.4% for new leases, increased 10.7% for renewing leases and increased 15.0% for both new and renewing leases on a blended basis. Property operating expenses for the Same Store Portfolio increased 1.5% for the third quarter of 2021 as compared to the same period in the prior year. These changes resulted in a Same Store NOI increase of 10.2% for the third quarter of 2021 as compared to the same period in the prior year.

The Same Store Portfolio revenue growth of 4.3% during the nine months ended September 30, 2021 was primarily a result of a 3.6% increase in Average Effective Rent per Unit, as compared to the same period in the prior year. Average Physical Occupancy for the Same Store Portfolio was 96.2% for the nine months ended September 30, 2021, as compared to 95.5% for the same period in the prior year. Same Store Portfolio lease pricing for leases effective during the nine months ended September 30, 2021, as compared to the prior lease, increased 10.5% for new leases, increased 8.8% for renewing leases and increased 9.7% for both new and renewing leases on a blended basis. Property operating expenses for the Same Store Portfolio increased 4.3% for the nine months ended September 30, 2021 as compared to the same period in the prior year. Growth in insurance expenses and building repairs and maintenance costs contributed to the increase. These changes resulted in a Same Store NOI increase of 4.2% for the nine months ended September 30, 2021 as compared to the same period in the prior year.

A reconciliation of NOI, including Same Store NOI, to net income available for MAA common shareholders, and an expanded discussion of the components of NOI, can be found later in this release.

Acquisition and Disposition Activity

In September 2021, MAA closed on the dispositions of a nine acre land parcel located in the Birmingham, Alabama market and a one acre land parcel located in the Huntsville, Alabama market for combined net proceeds of $0.9 million, resulting in a gain on sale of non-depreciable real estate assets of $0.2 million.

During the third quarter of 2021, MAA entered into contracts to sell two of its Savannah, Georgia multifamily properties and one of its Charlotte, North Carolina multifamily properties and expects to close on the dispositions in the fourth quarter of 2021. These properties are classified within Assets held for sale in the Consolidated Balance Sheet as of September 30, 2021 found later in this release.

Development and Lease-up Activity

As of the end of the third quarter of 2021, MAA had eight development communities under construction. MAA expects to complete construction of three of these development communities in 2021, two in 2022 and three in 2023. Total development costs for the eight communities are projected to be $627.5 million, of which an estimated $243.7 million remained to be funded as of the end of the third quarter of 2021. The expected average stabilized NOI yield on these communities is 6.0%. During the third quarter of 2021, MAA funded $60.2 million of costs for current and future projects, including predevelopment activities related to a land parcel located in the Denver, Colorado market.

As of the end of the third quarter of 2021, MAA had one apartment community, Novel Midtown, located in Phoenix, Arizona, in initial lease-up representing a total of 345 units . Physical occupancy for this lease-up community was 76.8% at the end of the third quarter of 2021.

Property Redevelopment and Repositioning Activity

MAA continued its interior redevelopment program at select apartment communities throughout the portfolio. During the third quarter of 2021, MAA redeveloped the interior of 2,192 units, bringing the total renovated units during the nine months ended September 30, 2021 to 4,992 at an average cost of $5,528 per unit, achieving average rental rate increases of approximately 12% above non-renovated units.

MAA continued its Smart Home technology initiative (mobile control of lights, thermostat and leak monitoring) at select apartment communities. During the third quarter of 2021, 1,361 units were installed, bringing the total units installed during the nine months ended September 30, 2021 to 22,824 at an average cost of $1,400 per unit, and a projected average rental rate increase of approximately $25 per unit upon lease renewal or unit turnover. As of September 30, 2021, MAA had completed installation of the Smart Home technology in 46,774 units across its apartment community portfolio since the initiative began.

During the third quarter of 2021, MAA continued its property repositioning program to upgrade and reposition the amenity and common areas at select apartment communities. The program includes targeted plans to move all units at the properties to higher rents that are expected to deliver yields on cost averaging 8%. Eight properties were selected in 2020 for this program. As of September 30, 2021, work was completed at seven of these properties with redevelopment work at the remaining property expected to be completed by the end of 2021. For the nine months ended September 30, 2021, MAA spent $5.4 million on this program. MAA began construction on similar repositioning projects at eight additional properties during the third quarter of 2021 with work expected to continue in 2022.

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Capital Expenditures

Recurring capital expenditures totaled $26.4 million for the third quarter of 2021, or approximately $0.22 per diluted common share and unit (Share), as compared to $19.7 million, or $0.17 per Share, for the same period in the prior year. These expenditures led to Core Adjusted Funds from Operations (Core AFFO) of $1.56 per Share for the third quarter of 2021, compared to $1.40 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the third quarter of 2021 were $54.3 million, as compared to $26.9 million for the same period in the prior year. The increase was primarily driven by capital spend totaling $16.0 million related to winter storm Uri, which is expected to be reimbursed through insurance coverage. These expenditures led to Funds Available for Distribution (FAD) of $130.6 million for the third quarter of 2021, compared to $139.2 million for the same period in the prior year.

Recurring capital expenditures totaled $61.8 million for the nine months ended September 30, 2021, or approximately $0.52 per Share, as compared to $59.4 million, or $0.50 per Share, for the same period in the prior year. These expenditures led to Core AFFO of $4.59 per Share for the nine months ended September 30, 2021, compared to $4.28 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the nine months ended September 30, 2021 were $146.8 million, as compared to $79.5 million for the same period in the prior year. The increase was primarily driven by capital spend totaling $30.2 million related to the investment in the Smart Home technology initiative, as well as capital spend totaling $30.2 million related to winter storm Uri. These expenditures led to FAD of $396.9 million for the nine months ended September 30, 2021, compared to $427.0 million for the same period in the prior year.

A reconciliation of FFO, Core FFO, Core AFFO and FAD to net income available for MAA common shareholders, and an expanded discussion of the components of FFO, Core FFO, Core AFFO and FAD can be found later in this release.

Financing Activities

In July 2021, MAALP retired a $72.8 million tranche of privately placed unsecured senior notes at maturity.

In August 2021, MAA entered into two 18-month forward sale agreements with respect to a total of 1.1 million shares of its common stock at an initial forward sale price of $190.56 per share. Under the forward sale agreements, the forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and will be decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. No shares had been settled under the forward sale agreements as of September 30, 2021. Subject to certain conditions, MAA generally has the right to elect cash or net share settlement under the forward sale agreements, although MAA expects to settle the forward sale agreements entirely by the full physical delivery of shares of its common stock in exchange for cash proceeds. MAA intends to use any cash proceeds upon settlement of the forward sale agreements to fund MAA’s development and redevelopment activities, among other potential uses.

In August 2021, MAALP publicly issued $300 million of unsecured senior notes due September 2026 with a coupon rate of 1.100% per annum, and at an issue price of 99.553% and $300 million of unsecured senior notes due September 2051 with a coupon rate of 2.875% per annum and at an issue price of 98.588%. Interest is payable semi-annually in arrears on March 15 and September 15 of each year. A portion of the proceeds from the sale of the notes was used to repay other outstanding debt prior to its maturity. As of September 30, 2021, the notes due September 2026 and September 2051 had effective interest rates of 1.191% and 2.946%, respectively.

In September 2021, MAALP retired a $117.0 million tranche of privately placed unsecured senior notes due in November 2022, $125.0 million of publicly issued unsecured senior notes due in December 2022, a $12.3 million tranche of privately placed unsecured senior notes due in July 2023, and a $20.0 million tranche of privately placed unsecured senior notes due in November 2024. MAALP incurred $13.4 million in prepayment penalties and write-offs of unamortized costs relating to the debt prepayments in the third quarter of 2021. The costs are included in Other non-operating (income) expense in the Consolidated Statements of Operations for the three and nine months ended September 30, 2021 found later in this release and have been excluded from Core FFO.

As of September 30, 2021, MAA had $1.0 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility, net of commercial paper borrowings.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the third quarter of 2021 were $121.5 million, as compared to $118.2 million for the same period in the prior year.

Balance Sheet

As of September 30, 2021:

Total debt to adjusted total assets (as defined in the covenants for the bonds issued by MAALP) was 30.3%;

Total debt outstanding was $4.5 billion with an average effective interest rate of approximately 3.4%;

99.4% of total debt was fixed against rising interest rates for an average of approximately 9.0 years; and

Unencumbered NOI was 95.1% of total NOI.

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111th Consecutive Quarterly Common Dividend Declared

MAA declared its 111th consecutive quarterly common dividend, which will be paid on October 29, 2021 to holders of record on October 15, 2021. The current annual dividend rate is $4.10 per common share.

2021 Earnings and Same Store Portfolio Guidance

MAA is updating and increasing its prior 2021 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share in addition to updating its expectations for growth of Property revenue, Property operating expense and NOI for the Same Store Portfolio.

FFO, Core FFO and Core AFFO are non-GAAP measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO further adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

Earnings:	Full Year 2021
Earnings per common share - diluted	$4.58 to $4.70
Midpoint	$4.64
Core FFO per Share - diluted	$6.88 to $7.00
Midpoint	$6.94
Core AFFO per Share - diluted	$6.20 to $6.32
Midpoint	$6.26
MAA Same Store Portfolio:
Property revenue growth	4.90% to 5.30%
Property operating expense growth	4.25% to 4.75%
NOI growth	5.00% to 6.00%

MAA expects Core FFO for the fourth quarter of 2021 to be in the range of $1.77 to $1.89 per Share, or $1.83 per Share at the midpoint. MAA does not forecast Net income per diluted share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year).

Supplemental Material and Conference Call

Supplemental data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss third quarter results on October 28, 2021, at 9:00 AM Central Time. The conference call-in number is 877-830-2598. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of September 30, 2021, MAA had ownership interest in 102,271 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

Sections of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding the potential impact of the ongoing COVID-19 pandemic on our business, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of

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the assumptions could be inaccurate, and therefore such forward-looking statements included in this release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

the COVID-19 pandemic and measures taken or that may be taken by federal, state and local governmental authorities to combat the spread of the disease;

inability to generate sufficient cash flows due to unfavorable economic and market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors;

exposure to risks inherent in investments in a single industry and sector;

adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results;

unexpected capital needs;

material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors;

inability to obtain appropriate insurance coverage at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverage;

ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures;

level and volatility of interest or capitalization rates or capital market conditions;

the effect of any rating agency actions on the cost and availability of new debt financing;

the effect of the phase-out of the London Interbank Offered Rate (LIBOR) as a variable rate debt benchmark by the end of 2021 and the transition to a different benchmark interest rate;

significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product;

our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules;

inability to attract and retain qualified personnel;

cyber liability or potential liability for breaches of our or our service providers’ information technology systems, or business operations disruptions;

potential liability for environmental contamination;

changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations;

extreme weather, natural disasters, disease outbreak and other public health events;

legal proceedings or class action lawsuits;

impact of reputational harm caused by negative press of our actions or policies, whether or not warranted;

compliance costs associated with numerous federal, state and local laws and regulations; and

other risks identified in this release and in reports we file with the SEC or in other documents that we publicly disseminate.

New factors may also emerge from time to time that could have a material adverse effect on our business. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

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FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Rental and other property revenues	$	452,575		$	423,199		$	1,314,507		$	1,254,323
Net income available for MAA common shareholders	$	83,557		$	58,988		$	345,384		$	168,854
Total NOI (1)	$	279,737		$	253,385		$	810,440		$	773,866
Earnings per common share: (2)
Basic	$	0.73		$	0.52		$	3.01		$	1.48
Diluted	$	0.73		$	0.52		$	3.01		$	1.47
Funds from operations per Share - diluted: (2)
FFO (1)	$	1.85		$	1.58		$	5.19		$	4.66
Core FFO (1)	$	1.78		$	1.57		$	5.11		$	4.78
Core AFFO (1)	$	1.56		$	1.40		$	4.59		$	4.28
Dividends declared per common share	$	1.025		$	1.000		$	3.075		$	3.000
Dividends/Core FFO (diluted) payout ratio		57.6	%		63.7	%		60.2	%		62.8	%
Dividends/Core AFFO (diluted) payout ratio		65.7	%		71.4	%		67.0	%		70.1	%
Consolidated interest expense	$	39,234		$	41,010		$	117,773		$	126,610
Mark-to-market debt adjustment		(67	)		(83	)		(234	)		9
Debt discount and debt issuance cost amortization		(1,401	)		(1,223	)		(3,909	)		(3,603	)
Capitalized interest		2,448			1,764			7,781			4,783
Total interest incurred	$	40,214		$	41,468		$	121,411		$	127,799
Amortization of principal on notes payable	$	334		$	1,055		$	1,180		$	4,538

(1)A reconciliation of the following items and an expanded discussion of their respective components can be found later in this release: (i) NOI to Net income available for MAA common shareholders; and (ii) FFO, Core FFO and Core AFFO to Net income available for MAA common shareholders.

(2)See the “Share and Unit Data” section for additional information.

Dollars in thousands, except share price
	September 30, 2021		December 31, 2020
Gross Assets (1)	$	14,993,561	$	14,609,896
Gross Real Estate Assets (1)	$	14,744,606	$	14,407,418
Total debt	$	4,540,887	$	4,562,712
Common shares and units outstanding		118,541,005		118,431,384
Share price	$	186.75	$	126.69
Book equity value	$	6,114,653	$	6,103,805
Market equity value	$	22,137,533	$	15,004,072
Net Debt/Adjusted EBITDAre(2)	4.61x		4.81x

(1)A reconciliation of Gross Assets to Total assets and Gross Real Estate Assets to Real estate assets, net, along with an expanded discussion of their components, can be found later in this release.

(2)Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. A reconciliation of the following items and an expanded discussion of their respective components can be found later in this release: (i) EBITDA, EBITDAre and Adjusted EBITDAre to Net income; and (ii) Net Debt to Unsecured notes payable and Secured notes payable.

8

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Revenues:
Rental and other property revenues	$	452,575		$	423,199		$	1,314,507		$	1,254,323
Expenses:
Operating expenses, excluding real estate taxes and insurance		106,412			105,108			304,124			292,031
Real estate taxes and insurance		66,426			64,706			199,943			188,426
Depreciation and amortization		134,611			127,679			397,938			381,257
Total property operating expenses		307,449			297,493			902,005			861,714
Property management expenses		13,831			12,691			40,522			39,064
General and administrative expenses		12,670			11,360			38,763			35,181
Interest expense		39,234			41,010			117,773			126,610
Loss (gain) on sale of depreciable real estate assets		313			(20	)		(134,515	)		7
Gain on sale of non-depreciable real estate assets		(170	)		(1,366	)		(202	)		(995	)
Other non-operating (income) expense		(10,344	)		(242	)		(14,557	)		13,647
Income before income tax expense		89,592			62,273			364,718			179,095
Income tax expense		(2,803	)		(665	)		(5,847	)		(2,532	)
Income from continuing operations before real estate joint venture activity		86,789			61,608			358,871			176,563
Income from real estate joint venture		258			428			915			1,153
Net income		87,047			62,036			359,786			177,716
Net income attributable to noncontrolling interests		2,568			2,126			11,636			6,096
Net income available for shareholders		84,479			59,910			348,150			171,620
Dividends to MAA Series I preferred shareholders		922			922			2,766			2,766
Net income available for MAA common shareholders	$	83,557		$	58,988		$	345,384		$	168,854
Earnings per common share - basic:
Net income available for common shareholders	$	0.73		$	0.52		$	3.01		$	1.48
Earnings per common share - diluted:
Net income available for common shareholders	$	0.73		$	0.52		$	3.01		$	1.47

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net Income Shares (1)
Weighted average common shares - basic		114,933		114,216		114,568		114,177
Effect of dilutive securities		296		252		305		310
Weighted average common shares - diluted		115,229		114,468		114,873		114,487
Funds From Operations Shares And Units
Weighted average common shares and units - basic		118,430		118,274		118,389		118,238
Weighted average common shares and units - diluted		118,540		118,432		118,511		118,400
Period End Shares And Units
Common shares at September 30,		115,138		114,370		115,138		114,370
Operating Partnership units at September 30,		3,403		4,058		3,403		4,058
Total common shares and units at September 30,		118,541		118,428		118,541		118,428

(1)For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2021, expected to be filed with the SEC on or about October 28, 2021.

9

CONSOLIDATED BALANCE SHEETS

Dollars in thousands
	September 30, 2021			December 31, 2020
Assets
Real estate assets:
Land	$	1,977,813		$	1,929,181
Buildings and improvements and other		12,369,733			12,065,244
Development and capital improvements in progress		236,339			283,477
		14,583,885			14,277,902
Less: Accumulated depreciation		(3,722,917	)		(3,415,105	)
		10,860,968			10,862,797
Undeveloped land		29,115			60,993
Investment in real estate joint venture		42,842			43,325
Real estate assets, net		10,932,925			10,967,115
Cash and cash equivalents		29,811			25,198
Restricted cash		11,710			10,417
Other assets		237,245			192,061
Assets held for sale		42,441			—
Total assets	$	11,254,132		$	11,194,791
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,175,256		$	4,077,373
Secured notes payable		365,631			485,339
Accrued expenses and other liabilities		598,592			528,274
Total liabilities		5,139,479			5,090,986
Redeemable common stock		24,323			15,397
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,149			1,141
Additional paid-in capital		7,216,885			7,176,793
Accumulated distributions in excess of net income		(1,309,511	)		(1,294,182	)
Accumulated other comprehensive loss		(11,384	)		(12,128	)
Total MAA shareholders’ equity		5,897,148			5,871,633
Noncontrolling interests - Operating Partnership units		173,366			206,927
Total Company’s shareholders’ equity		6,070,514			6,078,560
Noncontrolling interests - consolidated real estate entities		19,816			9,848
Total equity		6,090,330			6,088,408
Total liabilities and equity	$	11,254,132		$	11,194,791

10

RECONCILIATION OF FFO, CORE FFO, CORE AFFO AND FAD TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS

Amounts in thousands, except per share and unit data	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Net income available for MAA common shareholders	$	83,557		$	58,988		$	345,384		$	168,854
Depreciation and amortization of real estate assets		132,803			125,916			392,586			376,430
Loss (gain) on sale of depreciable real estate assets		313			(20	)		(134,515	)		7
Depreciation and amortization of real estate assets of real estate joint venture		154			153			463			458
Net income attributable to noncontrolling interests		2,568			2,126			11,636			6,096
Funds from operations attributable to the Company		219,395			187,163			615,554			551,845
(Gain) loss on embedded derivative in preferred shares (1)		(13,432	)		(1,342	)		(11,492	)		14,603
Gain on sale of non-depreciable real estate assets		(170	)		(1,366	)		(202	)		(995	)
(Gain) loss from unconsolidated limited partnerships, net of tax (1)(2)		(7,985	)		100			(14,231	)		(4,085	)
Net casualty loss and other settlement proceeds (3)		244			511			2,004			1,207
Loss on debt extinguishment (1)		13,354			345			13,391			344
Non-routine legal costs and settlements (1)		(700	)		—			(716	)		40
COVID-19 related costs (1)		492			376			911			2,983
Mark-to-market debt adjustment (4)		67			83			234			(9	)
Core funds from operations		211,265			185,870			605,453			565,933
Recurring capital expenditures		(26,377	)		(19,720	)		(61,809	)		(59,412	)
Core adjusted funds from operations		184,888			166,150			543,644			506,521
Redevelopment capital expenditures		(20,752	)		(11,627	)		(69,632	)		(35,650	)
Revenue enhancing capital expenditures		(11,402	)		(8,135	)		(29,488	)		(24,510	)
Commercial capital expenditures		(877	)		(765	)		(2,303	)		(2,303	)
Other capital expenditures (5)		(21,223	)		(6,389	)		(45,331	)		(17,065	)
Funds available for distribution	$	130,634		$	139,234		$	396,890		$	426,993
Dividends and distributions paid	$	121,500		$	118,232		$	364,393		$	354,976
Weighted average common shares - diluted		115,229			114,468			114,873			114,487
FFO weighted average common shares and units - diluted		118,540			118,432			118,511			118,400
Earnings per common share - diluted:
Net income available for common shareholders	$	0.73		$	0.52		$	3.01		$	1.47
Funds from operations per Share - diluted	$	1.85		$	1.58		$	5.19		$	4.66
Core funds from operations per Share - diluted	$	1.78		$	1.57		$	5.11		$	4.78
Core adjusted funds from operations per Share - diluted	$	1.56		$	1.40		$	4.59		$	4.28

(1)Included in Other non-operating (income) expense in the Consolidated Statements of Operations.

(2)For the three and nine months ended September 30, 2021, $10.1 million and $18.0 million, respectively, of gains from unconsolidated limited partnerships are offset by $2.1 million and $3.8 million, respectively, of income tax expense. For the nine months ended September 30, 2020, $4.8 million of gains from unconsolidated limited partnerships are offset by $0.7 million of income tax expense.

(3)During the nine months ended September 30, 2021, MAA incurred $21.4 million in casualty losses related to winter storm Uri (primarily building repairs, landscaping and asset write-offs). The majority of the storm costs are expected to be reimbursed through insurance coverage. A receivable has been recognized in Other non-operating (income) expense for the amount of the recorded losses that MAA expects to be recovered. Additional costs related to the storm that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are reflected in this adjustment. The adjustment is primarily included in Other non-operating (income) expense in the Consolidated Statements of Operations.

(4)Included in Interest expense in the Consolidated Statements of Operations.

(5)During the three and nine months ended September 30, 2021, MAA spent $16.0 million and $30.2 million, respectively, in reconstruction-related capital expenditures due to winter storm Uri. The majority of the storm costs are expected to be reimbursed through insurance coverage.

11

RECONCILIATION OF NET OPERATING INCOME TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS

Dollars in thousands	Three Months Ended									Nine Months Ended
	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Net Operating Income
Same Store NOI	$	269,393		$	257,071		$	244,513		$	779,194		$	747,581
Non-Same Store and Other NOI		10,344			11,095			8,872			31,246			26,285
Total NOI		279,737			268,166			253,385			810,440			773,866
Depreciation and amortization		(134,611	)		(131,824	)		(127,679	)		(397,938	)		(381,257	)
Property management expenses		(13,831	)		(13,752	)		(12,691	)		(40,522	)		(39,064	)
General and administrative expenses		(12,670	)		(13,114	)		(11,360	)		(38,763	)		(35,181	)
Interest expense		(39,234	)		(38,867	)		(41,010	)		(117,773	)		(126,610	)
(Loss) gain on sale of depreciable real estate assets		(313	)		134,828			20			134,515			(7	)
Gain on sale of non-depreciable real estate assets		170			32			1,366			202			995
Other non-operating income (expense)		10,344			20,126			242			14,557			(13,647	)
Income tax expense		(2,803	)		(2,045	)		(665	)		(5,847	)		(2,532	)
Income from real estate joint venture		258			325			428			915			1,153
Net income attributable to noncontrolling interests		(2,568	)		(7,397	)		(2,126	)		(11,636	)		(6,096	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders	$	83,557		$	215,556		$	58,988		$	345,384		$	168,854

12

RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME

Dollars in thousands	Three Months Ended						Twelve Months Ended
	September 30, 2021			September 30, 2020			September 30, 2021			December 31, 2020
Net income	$	87,047		$	62,036		$	446,085		$	264,015
Depreciation and amortization		134,611			127,679			527,523			510,842
Interest expense		39,234			41,010			158,725			167,562
Income tax expense		2,803			665			6,642			3,327
EBITDA		263,695			231,390			1,138,975			945,746
Loss (gain) on sale of depreciable real estate assets		313			(20	)		(134,532	)		(9	)
Adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates		337			337			1,353			1,349
EBITDAre		264,345			231,707			1,005,796			947,086
Gain on embedded derivative in preferred shares (1)		(13,432	)		(1,342	)		(28,657	)		(2,562	)
Gain on sale of non-depreciable real estate assets		(170	)		(1,366	)		(231	)		(1,024	)
(Gain) loss from unconsolidated limited partnerships, net of tax (1)(2)		(7,985	)		100			(14,903	)		(4,757	)
Net casualty loss and other settlement proceeds (3)		244			511			1,281			484
Loss on debt extinguishment (1)		13,354			345			13,391			344
Non-routine legal costs and settlements (1)		(700	)		—			(794	)		(38	)
COVID-19 related costs (1)		492			376			1,464			3,536
Mark-to-market debt adjustment (4)		67			83			316			75
Adjusted EBITDAre	$	256,215		$	230,414		$	977,663		$	943,144

(1)Included in Other non-operating (income) expense in the Consolidated Statements of Operations.

(2)For the three and twelve months ended September 30, 2021, $10.1 million and $18.8 million, respectively, of gains from unconsolidated limited partnerships are offset by $2.1 million and $3.9 million, respectively, of income tax expense. For the twelve months ended December 31, 2020, $5.6 million of gains from unconsolidated limited partnerships are offset by $0.8 million of income tax expense.

(3)During the twelve months ended September 30, 2021, MAA incurred $21.4 million in casualty losses related to winter storm Uri (primarily building repairs, landscaping and asset write-offs). The majority of the storm costs are expected to be reimbursed through insurance coverage. A receivable has been recognized in Other non-operating (income) expense for the amount of the recorded losses that MAA expects to be recovered. Additional costs related to the storm that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are reflected in this adjustment. The adjustment is primarily included in Other non-operating (income) expense in the Consolidated Statements of Operations.

(4)Included in Interest expense in the Consolidated Statements of Operations.

RECONCILIATION OF NET DEBT TO UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE

Dollars in thousands
	September 30, 2021			December 31, 2020
Unsecured notes payable	$	4,175,256		$	4,077,373
Secured notes payable		365,631			485,339
Total debt		4,540,887			4,562,712
Cash and cash equivalents		(29,811	)		(25,198	)
Net Debt	$	4,511,076		$	4,537,514

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS

Dollars in thousands
	September 30, 2021		December 31, 2020
Total assets	$	11,254,132	$	11,194,791
Accumulated depreciation		3,722,917		3,415,105
Accumulated depreciation for Assets held for sale (1)		16,512		—
Gross Assets	$	14,993,561	$	14,609,896

(1)Included in Assets held for sale on the Consolidated Balance Sheets.

13

RECONCILIATION OF GROSS REAL ESTATE ASSETS TO REAL ESTATE ASSETS, NET

Dollars in thousands
	September 30, 2021		December 31, 2020
Real estate assets, net	$	10,932,925	$	10,967,115
Accumulated depreciation		3,722,917		3,415,105
Assets held for sale, net		42,441		—
Accumulated depreciation for Assets held for sale (1)		16,512		—
Cash and cash equivalents		29,811		25,198
Gross Real Estate Assets	$	14,744,606	$	14,407,418

(1)Included in Assets held for sale on the Consolidated Balance Sheets.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs and mark-to-market debt adjustments. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre does not include various income and expense items that are not indicative of operating performance. MAA’s computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs and mark-to-market debt adjustments. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA does not include various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable asset sales and plus adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre does not include various expense items that are not indicative of operating performance. While MAA’s definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

14

NON-GAAP FINANCIAL MEASURES (Continued)

Funds Available for Distribution (FAD)

FAD is composed of Core FFO less total capital expenditures, excluding development spending and property acquisitions. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and total capital expenditures.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gains or losses on disposition of operating properties and asset impairment, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests, and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this document, represents FFO attributable to the Company. While MAA’s definition of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, Accumulated depreciation for Assets held for sale and Cash and cash equivalents. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Net Debt

Net Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents. MAA believes Net Debt is a helpful tool in evaluating its debt position.

Net Operating Income (NOI)

Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI by market is a helpful tool in evaluating the operating performance within MAA’s markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating the operating performance within MAA's markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Non-Same Store and Other NOI

Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating the operating performance within MAA’s markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

15

OTHER KEY DEFINITIONS

Average Effective Rent per Unit

Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy

Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Lease-up Communities

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized after achieving at least 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been identified for disposition, communities that have undergone a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Same Store Portfolio

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized after achieving at least 90% average physical occupancy for 90 days. Communities that have been approved by MAA’s Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have undergone a significant casualty loss are also excluded from the Same Store Portfolio.

Unencumbered NOI

Unencumbered NOI represents NOI generated by unencumbered assets (as defined in MAALP’s bond covenants).

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

16

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2021 (In apartment units) (1)

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		9,767		348		—		10,115		—		10,115
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		5,867		282		—		6,149		—		6,149
Orlando, FL		5,274		—		—		5,274		566		5,840
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Tampa, FL		5,220		—		—		5,220		—		5,220
Houston, TX		4,867		—		—		4,867		117		4,984
Fort Worth, TX		4,249		168		—		4,417		—		4,417
Nashville, TN		4,375		—		—		4,375		—		4,375
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Phoenix, AZ		2,623		—		345		2,968		—		2,968
Greenville, SC		2,084		271		—		2,355		—		2,355
Savannah, GA		1,837		382		—		2,219		—		2,219
Richmond, VA		2,004		—		—		2,004		—		2,004
Memphis, TN		1,811		—		—		1,811		—		1,811
San Antonio, TX		1,504		—		—		1,504		—		1,504
Birmingham, AL		1,462		—		—		1,462		—		1,462
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		7,076		549		—		7,625		143		7,768
Total Multifamily Units		97,003		2,000		345		99,348		826		100,174

(1)Schedule excludes a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

	As of September 30, 2021								Average Effective		As of September 30, 2021
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2021		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,024,182		14.2	%		95.7	%	$	1,553		11,434
Dallas, TX		1,503,635		10.5	%		95.4	%		1,349		10,115
Charlotte, NC		982,559		6.9	%		96.0	%		1,315		6,149
Washington, DC		975,931		6.8	%		95.4	%		1,830		4,080
Tampa, FL		890,690		6.2	%		96.8	%		1,651		5,220
Austin, TX		866,985		6.1	%		95.7	%		1,566		7,117
Orlando, FL		838,486		5.9	%		96.3	%		1,530		5,274
Raleigh/Durham, NC		706,347		4.9	%		95.6	%		1,253		5,350
Houston, TX		614,416		4.3	%		95.6	%		1,236		4,867
Nashville, TN		539,129		3.8	%		95.7	%		1,391		4,375
Fort Worth, TX		429,648		3.0	%		96.2	%		1,270		4,417
Charleston, SC		408,628		2.9	%		96.2	%		1,361		3,168
Phoenix, AZ		382,297		2.7	%		96.5	%		1,437		2,623
Jacksonville, FL		293,380		2.1	%		96.9	%		1,262		3,496
Richmond, VA		269,411		1.9	%		96.1	%		1,314		2,004
Savannah, GA		246,981		1.7	%		97.6	%		1,246		2,219
Greenville, SC		229,186		1.6	%		95.7	%		1,083		2,355
Denver, CO		211,736		1.5	%		94.0	%		1,712		812
Kansas City, MO-KS		187,521		1.3	%		95.4	%		1,343		1,110
San Antonio, TX		164,629		1.2	%		96.3	%		1,186		1,504
Birmingham, AL		161,710		1.1	%		95.8	%		1,183		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		186,559		1.3	%		96.6	%		1,121		2,754
Florida		177,979		1.2	%		96.9	%		1,476		1,806
Alabama		163,045		1.1	%		96.7	%		1,177		1,648
Virginia		154,242		1.1	%		97.1	%		1,487		1,039
Kentucky		94,406		0.7	%		95.7	%		988		1,308
Nevada		71,909		0.5	%		95.6	%		1,327		721
South Carolina		36,449		0.3	%		95.1	%		1,010		576
Stabilized Communities	$	13,812,076		96.7	%		96.0	%	$	1,381		99,003
Orlando, FL		156,619		1.1	%		40.8	%		1,994		566		633
Phoenix, AZ		110,889		0.8	%		76.8	%		1,639		345		662
Denver, CO		76,021		0.5	%		41.5	%		1,849		143		306
Houston, TX		49,711		0.3	%		22.1	%		1,496		117		308
Austin, TX		29,127		0.2	%		—			—		—		350
Atlanta, GA		22,081		0.2	%		—			—		—		340
Salt Lake City, UT		21,450		0.2	%		—			—		—		400
Lease-up / Development Communities	$	465,898		3.3	%		45.1	%	$	1,822		1,171		2,999
Total Multifamily Communities	$	14,277,974		100.0	%		95.2	%	$	1,386		100,174		102,002

(1)Schedule excludes a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of September 30, 2021				Three Months Ended
	Apartment Units		Gross Real Assets		September 30, 2021		September 30, 2020			Percent Change
Operating Revenues
Same Store Communities		97,003	$	13,448,466	$	433,996	$	406,677			6.7	%
Non-Same Store Communities		2,000		363,610		9,681		11,293
Lease-up/Development Communities		1,171		465,898		2,946		—
Total Multifamily Portfolio		100,174	$	14,277,974	$	446,623	$	417,970
Commercial Property/Land		—		276,679		5,952		5,229
Total Operating Revenues		100,174	$	14,554,653	$	452,575	$	423,199
Property Operating Expenses
Same Store Communities					$	164,603	$	162,164			1.5	%
Non-Same Store Communities						4,027		4,997
Lease-up/Development Communities						1,654		90
Total Multifamily Portfolio					$	170,284	$	167,251
Commercial Property/Land						2,554		2,563
Total Property Operating Expenses					$	172,838	$	169,814
Net Operating Income
Same Store Communities					$	269,393	$	244,513			10.2	%
Non-Same Store Communities						5,654		6,296
Lease-up/Development Communities						1,292		(90	)
Total Multifamily Portfolio					$	276,339	$	250,719
Commercial Property/Land						3,398		2,666
Total Net Operating Income					$	279,737	$	253,385			10.4	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Nine Months Ended
	September 30, 2021		September 30, 2020		Percent Change			September 30, 2021		September 30, 2020		Percent Change
Personnel	$	36,263	$	35,240		2.9	%	$	104,906	$	101,795		3.1	%
Building Repair and Maintenance		21,677		20,765		4.4	%		59,546		56,064		6.2	%
Utilities		31,349		31,361		(0.0	)%		88,729		86,086		3.1	%
Marketing		5,476		6,721		(18.5	)%		16,842		17,353		(2.9	)%
Office Operations		5,868		6,000		(2.2	)%		17,158		16,203		5.9	%
Property Taxes		57,692		56,629		1.9	%		174,657		169,680		2.9	%
Insurance		6,278		5,448		15.2	%		17,323		12,007		44.3	%
Total Property Operating Expenses	$	164,603	$	162,164		1.5	%	$	479,161	$	459,188		4.3	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

						Average Physical Occupancy
			Percent of			Three Months Ended						Nine Months Ended
	Apartment Units		Same Store NOI			September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Atlanta, GA		11,434		13.0	%		95.6	%		95.0	%		95.4	%		94.9	%
Dallas, TX		9,767		8.7	%		96.2	%		95.0	%		95.7	%		95.2	%
Tampa, FL		5,220		6.7	%		97.1	%		96.1	%		97.2	%		95.7	%
Charlotte, NC		5,867		6.5	%		96.5	%		96.2	%		96.3	%		96.1	%
Austin, TX		7,117		6.4	%		96.1	%		95.2	%		95.8	%		95.4	%
Orlando, FL		5,274		6.3	%		96.3	%		93.7	%		95.9	%		94.5	%
Washington, DC		4,080		5.9	%		95.6	%		96.3	%		96.1	%		96.3	%
Raleigh/Durham, NC		5,350		5.3	%		96.2	%		96.1	%		96.0	%		96.2	%
Nashville, TN		4,375		4.6	%		96.2	%		94.5	%		95.5	%		95.1	%
Houston, TX		4,867		4.1	%		96.0	%		93.7	%		95.0	%		94.4	%
Fort Worth, TX		4,249		3.9	%		96.3	%		95.4	%		96.2	%		95.4	%
Jacksonville, FL		3,496		3.4	%		97.3	%		96.6	%		97.5	%		96.2	%
Phoenix, AZ		2,623		3.2	%		97.0	%		96.0	%		97.0	%		96.1	%
Charleston, SC		3,168		3.2	%		96.7	%		95.4	%		96.4	%		95.5	%
Richmond, VA		2,004		2.1	%		96.5	%		96.9	%		96.8	%		96.6	%
Savannah, GA		1,837		1.8	%		97.4	%		96.8	%		97.3	%		95.8	%
Greenville, SC		2,084		1.6	%		96.5	%		95.8	%		96.5	%		95.4	%
Memphis, TN		1,811		1.6	%		96.7	%		97.2	%		97.3	%		96.5	%
Birmingham, AL		1,462		1.3	%		96.6	%		97.1	%		96.7	%		96.5	%
Huntsville, AL		1,228		1.2	%		96.6	%		97.3	%		97.0	%		97.2	%
San Antonio, TX		1,504		1.1	%		97.0	%		96.7	%		96.3	%		96.4	%
Kansas City, MO-KS		1,110		1.1	%		96.1	%		96.0	%		95.1	%		95.6	%
Other		7,076		7.0	%		96.9	%		96.2	%		96.7	%		95.6	%
Total Same Store		97,003		100.0	%		96.4	%		95.5	%		96.2	%		95.5	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg
Atlanta, GA		11,434	$	56,688	$	53,452		6.1	%	$	21,799	$	20,673		5.4	%	$	34,889	$	32,779		6.4	%	$	1,553	$	1,465		6.0	%
Dallas, TX		9,767		42,357		40,294		5.1	%		18,985		18,976		0.0	%		23,372		21,318		9.6	%		1,352		1,298		4.2	%
Tampa, FL		5,220		27,887		25,176		10.8	%		9,841		9,387		4.8	%		18,046		15,789		14.3	%		1,651		1,505		9.7	%
Charlotte, NC		5,867		25,338		24,100		5.1	%		7,878		7,758		1.5	%		17,460		16,342		6.8	%		1,325		1,257		5.4	%
Austin, TX		7,117		31,328		29,554		6.0	%		14,207		14,646		(3.0	)%		17,121		14,908		14.8	%		1,351		1,277		5.8	%
Orlando, FL		5,274		25,969		24,161		7.5	%		9,136		9,686		(5.7	)%		16,833		14,475		16.3	%		1,530		1,458		4.9	%
Washington, DC		4,080		23,514		23,275		1.0	%		7,680		7,496		2.5	%		15,834		15,779		0.3	%		1,830		1,806		1.3	%
Raleigh/Durham, NC		5,350		21,894		21,021		4.2	%		7,540		6,902		9.2	%		14,354		14,119		1.7	%		1,253		1,176		6.6	%
Nashville, TN		4,375		19,729		18,430		7.0	%		7,280		7,118		2.3	%		12,449		11,312		10.1	%		1,391		1,316		5.6	%
Houston, TX		4,867		19,428		18,735		3.7	%		8,356		9,004		(7.2	)%		11,072		9,731		13.8	%		1,236		1,218		1.4	%
Fort Worth, TX		4,249		18,138		17,010		6.6	%		7,591		7,627		(0.5	)%		10,547		9,383		12.4	%		1,265		1,185		6.8	%
Jacksonville, FL		3,496		14,161		12,860		10.1	%		4,971		4,670		6.4	%		9,190		8,190		12.2	%		1,262		1,160		8.7	%
Phoenix, AZ		2,623		12,222		11,117		9.9	%		3,470		3,301		5.1	%		8,752		7,816		12.0	%		1,437		1,299		10.6	%
Charleston, SC		3,168		14,113		12,934		9.1	%		5,364		5,326		0.7	%		8,749		7,608		15.0	%		1,361		1,250		8.8	%
Richmond, VA		2,004		8,685		8,187		6.1	%		2,955		2,908		1.6	%		5,730		5,279		8.5	%		1,314		1,236		6.3	%
Savannah, GA		1,837		7,876		6,986		12.7	%		2,980		2,658		12.1	%		4,896		4,328		13.1	%		1,284		1,147		11.9	%
Greenville, SC		2,084		7,224		6,698		7.9	%		2,783		2,782		0.0	%		4,441		3,916		13.4	%		1,015		948		7.1	%
Memphis, TN		1,811		6,901		6,245		10.5	%		2,682		2,545		5.4	%		4,219		3,700		14.0	%		1,171		1,047		11.9	%
Birmingham, AL		1,462		5,874		5,466		7.5	%		2,264		2,154		5.1	%		3,610		3,312		9.0	%		1,183		1,083		9.2	%
Huntsville, AL		1,228		4,718		4,293		9.9	%		1,585		1,493		6.2	%		3,133		2,800		11.9	%		1,132		1,014		11.7	%
San Antonio, TX		1,504		5,775		5,536		4.3	%		2,718		2,663		2.1	%		3,057		2,873		6.4	%		1,186		1,119		6.0	%
Kansas City, MO-KS		1,110		4,769		4,600		3.7	%		1,811		1,848		(2.0	)%		2,958		2,752		7.5	%		1,343		1,298		3.5	%
Other		7,076		29,408		26,547		10.8	%		10,727		10,543		1.7	%		18,681		16,004		16.7	%		1,273		1,172		8.6	%
Total Same Store		97,003	$	433,996	$	406,677		6.7	%	$	164,603	$	162,164		1.5	%	$	269,393	$	244,513		10.2	%	$	1,379	$	1,298		6.3	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2021		Q2 2021		% Chg			Q3 2021		Q2 2021		% Chg			Q3 2021		Q2 2021		% Chg			Q3 2021		Q2 2021		% Chg
Atlanta, GA		11,434	$	56,688	$	54,281		4.4	%	$	21,799	$	20,642		5.6	%	$	34,889	$	33,639		3.7	%	$	1,553	$	1,505		3.3	%
Dallas, TX		9,767		42,357		40,743		4.0	%		18,985		18,432		3.0	%		23,372		22,311		4.8	%		1,352		1,314		2.9	%
Tampa, FL		5,220		27,887		26,600		4.8	%		9,841		9,191		7.1	%		18,046		17,409		3.7	%		1,651		1,583		4.3	%
Charlotte, NC		5,867		25,338		24,333		4.1	%		7,878		7,887		(0.1	)%		17,460		16,446		6.2	%		1,325		1,281		3.5	%
Austin, TX		7,117		31,328		29,701		5.5	%		14,207		14,390		(1.3	)%		17,121		15,311		11.8	%		1,351		1,305		3.6	%
Orlando, FL		5,274		25,969		25,084		3.5	%		9,136		9,584		(4.7	)%		16,833		15,500		8.6	%		1,530		1,484		3.1	%
Washington, DC		4,080		23,514		23,260		1.1	%		7,680		7,202		6.6	%		15,834		16,058		(1.4	)%		1,830		1,808		1.2	%
Raleigh/Durham, NC		5,350		21,894		21,056		4.0	%		7,540		7,279		3.6	%		14,354		13,777		4.2	%		1,253		1,206		3.9	%
Nashville, TN		4,375		19,729		18,931		4.2	%		7,280		7,007		3.9	%		12,449		11,924		4.4	%		1,391		1,345		3.4	%
Houston, TX		4,867		19,428		18,984		2.3	%		8,356		8,941		(6.5	)%		11,072		10,043		10.2	%		1,236		1,217		1.6	%
Fort Worth, TX		4,249		18,138		17,545		3.4	%		7,591		7,520		0.9	%		10,547		10,025		5.2	%		1,265		1,227		3.1	%
Jacksonville, FL		3,496		14,161		13,480		5.1	%		4,971		4,743		4.8	%		9,190		8,737		5.2	%		1,262		1,211		4.2	%
Phoenix, AZ		2,623		12,222		11,627		5.1	%		3,470		3,222		7.7	%		8,752		8,405		4.1	%		1,437		1,370		4.9	%
Charleston, SC		3,168		14,113		13,469		4.8	%		5,364		4,941		8.6	%		8,749		8,528		2.6	%		1,361		1,308		4.1	%
Richmond, VA		2,004		8,685		8,486		2.3	%		2,955		2,755		7.3	%		5,730		5,731		(0.0	)%		1,314		1,288		2.0	%
Savannah, GA		1,837		7,876		7,472		5.4	%		2,980		2,905		2.6	%		4,896		4,567		7.2	%		1,284		1,217		5.5	%
Greenville, SC		2,084		7,224		7,013		3.0	%		2,783		2,784		(0.0	)%		4,441		4,229		5.0	%		1,015		979		3.6	%
Memphis, TN		1,811		6,901		6,688		3.2	%		2,682		2,510		6.9	%		4,219		4,178		1.0	%		1,171		1,116		4.9	%
Birmingham, AL		1,462		5,874		5,610		4.7	%		2,264		2,229		1.6	%		3,610		3,381		6.8	%		1,183		1,143		3.5	%
Huntsville, AL		1,228		4,718		4,581		3.0	%		1,585		1,395		13.6	%		3,133		3,186		(1.7	)%		1,132		1,089		3.9	%
San Antonio, TX		1,504		5,775		5,647		2.3	%		2,718		2,663		2.1	%		3,057		2,984		2.4	%		1,186		1,148		3.3	%
Kansas City, MO-KS		1,110		4,769		4,609		3.5	%		1,811		1,736		4.3	%		2,958		2,873		3.0	%		1,343		1,313		2.3	%
Other		7,076		29,408		28,122		4.6	%		10,727		10,293		4.2	%		18,681		17,829		4.8	%		1,273		1,222		4.2	%
Total Same Store		97,003	$	433,996	$	417,322		4.0	%	$	164,603	$	160,251		2.7	%	$	269,393	$	257,071		4.8	%	$	1,379	$	1,335		3.4	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2021 AND 2020

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg
Atlanta, GA		11,434	$	164,075	$	158,457		3.5	%	$	62,248	$	59,787		4.1	%	$	101,827	$	98,670		3.2	%	$	1,511	$	1,464		3.2	%
Dallas, TX		9,767		123,020		120,438		2.1	%		55,557		53,517		3.8	%		67,463		66,921		0.8	%		1,319		1,300		1.5	%
Tampa, FL		5,220		80,359		74,465		7.9	%		28,147		26,600		5.8	%		52,212		47,865		9.1	%		1,589		1,494		6.4	%
Charlotte, NC		5,867		73,441		71,705		2.4	%		23,069		22,295		3.5	%		50,372		49,410		1.9	%		1,287		1,258		2.3	%
Austin, TX		7,117		89,984		88,212		2.0	%		42,127		40,226		4.7	%		47,857		47,986		(0.3	)%		1,309		1,273		2.8	%
Orlando, FL		5,274		75,651		72,836		3.9	%		27,913		27,651		0.9	%		47,738		45,185		5.7	%		1,489		1,464		1.7	%
Washington, DC		4,080		69,751		69,673		0.1	%		22,182		21,425		3.5	%		47,569		48,248		(1.4	)%		1,809		1,805		0.2	%
Raleigh/Durham, NC		5,350		63,795		61,879		3.1	%		21,589		20,673		4.4	%		42,206		41,206		2.4	%		1,214		1,165		4.2	%
Nashville, TN		4,375		56,962		54,759		4.0	%		20,984		19,978		5.0	%		35,978		34,781		3.4	%		1,349		1,309		3.1	%
Houston, TX		4,867		56,935		56,211		1.3	%		25,656		25,011		2.6	%		31,279		31,200		0.3	%		1,219		1,221		(0.1	)%
Fort Worth, TX		4,249		52,699		50,269		4.8	%		22,418		21,344		5.0	%		30,281		28,925		4.7	%		1,230		1,178		4.4	%
Jacksonville, FL		3,496		40,775		38,013		7.3	%		14,288		13,395		6.7	%		26,487		24,618		7.6	%		1,218		1,152		5.7	%
Charleston, SC		3,168		40,639		38,057		6.8	%		15,013		14,668		2.4	%		25,626		23,389		9.6	%		1,313		1,238		6.0	%
Phoenix, AZ		2,623		35,111		32,636		7.6	%		9,818		9,297		5.6	%		25,293		23,339		8.4	%		1,378		1,285		7.2	%
Richmond, VA		2,004		25,453		24,019		6.0	%		8,480		8,050		5.3	%		16,973		15,969		6.3	%		1,286		1,223		5.2	%
Savannah, GA		1,837		22,503		20,564		9.4	%		8,600		7,546		14.0	%		13,903		13,018		6.8	%		1,224		1,143		7.2	%
Greenville, SC		2,084		21,083		19,687		7.1	%		8,182		7,978		2.6	%		12,901		11,709		10.2	%		985		939		4.9	%
Memphis, TN		1,811		20,031		18,213		10.0	%		7,767		7,284		6.6	%		12,264		10,929		12.2	%		1,121		1,032		8.6	%
Birmingham, AL		1,462		17,013		16,028		6.1	%		6,657		6,322		5.3	%		10,356		9,706		6.7	%		1,145		1,075		6.5	%
Huntsville, AL		1,228		13,734		12,316		11.5	%		4,479		4,184		7.1	%		9,255		8,132		13.8	%		1,092		987		10.6	%
San Antonio, TX		1,504		16,799		16,471		2.0	%		7,752		7,467		3.8	%		9,047		9,004		0.5	%		1,154		1,118		3.2	%
Kansas City, MO-KS		1,110		13,879		13,592		2.1	%		5,235		5,069		3.3	%		8,644		8,523		1.4	%		1,316		1,287		2.2	%
Other		7,076		84,663		78,269		8.2	%		31,000		29,421		5.4	%		53,663		48,848		9.9	%		1,228		1,161		5.8	%
Total Same Store		97,003	$	1,258,355	$	1,206,769		4.3	%	$	479,161	$	459,188		4.3	%	$	779,194	$	747,581		4.2	%	$	1,340	$	1,294		3.6	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of
		September 30, 2021							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date (1)	Cost		Q3 2021		After
Sand Lake (2)	Orlando, FL		264		257		130	4Q19	2Q21	4Q21	3Q22	$	68,000	$	62,213	$	5,787
MAA Westglenn	Denver, CO		306		143		144	3Q19	2Q21	4Q21	4Q22		84,500		76,021		8,479
MAA Robinson	Orlando, FL		369		309		152	3Q19	2Q21	4Q21	1Q23		99,000		94,406		4,594
MAA Park Point	Houston, TX		308		117		81	4Q19	2Q21	1Q22	1Q23		57,000		49,711		7,289
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	3Q22	4Q23		63,000		29,127		33,873
Novel Val Vista (3)	Phoenix, AZ		317	—		—		4Q20	3Q22	1Q23	2Q24		72,500		28,750		43,750
Novel West Midtown (3)	Atlanta, GA		340	—		—		2Q21	4Q22	3Q23	3Q24		89,500		22,081		67,419
Novel Daybreak (3)	Salt Lake City, UT		400	—		—		2Q21	4Q22	3Q23	4Q24		94,000		21,450		72,550
Total Active			2,654		826		507					$	627,500	$	383,759	$	243,741

(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.

(2) MAA owns 95% of the joint venture that owns this property.

(3) MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

		As of September 30, 2021
	Location	Total Units	Percent Occupied	Construction Finished	Expected Stabilization (1)	Total Cost
Novel Midtown (2)	Phoenix, AZ	345	76.8%	2Q21	2Q22	$	82,139

(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.

(2) MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

		Nine months ended September 30, 2021
Units Redeveloped		Redevelopment Spend		Spend per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	4,992	$	27,596	$	5,528	$	148	12.4%	13,000 - 17,000

2021 ACQUISITION ACTIVITY THROUGH SEPTEMBER 30, 2021

Multifamily Development Acquisition (1)	Market	Apartment Units		Projected Completion Date	Closing Date
Novel Daybreak	Salt Lake City, UT		400	3Q23	April 2021
Novel West Midtown	Atlanta, GA		340	3Q23	April 2021

(1) MAA owns 80% of the joint ventures that own these properties.

Land Acquisition	Market	Acreage	Closing Date
MAA Westshore	Tampa, FL	19	June 2021

2021 DISPOSITION ACTIVITY THROUGH SEPTEMBER 30, 2021

Multifamily Disposition	Market	Apartment Units		Closing Date
Crosswinds	Jackson, MS		360	June 2021
Pear Orchard	Jackson, MS		389	June 2021
Reflection Pointe	Jackson, MS		296	June 2021
Lakeshore Landing	Jackson, MS		196	June 2021

Supplemental Data S-8

2021 DISPOSITION ACTIVITY THROUGH SEPTEMBER 30, 2021 (CONTINUED)

Land Dispositions	Market	Acreage	Closing Date
Tutwiler Outparcels	Birmingham, AL	9	September 2021
Colonial Promenade	Huntsville, AL	1	September 2021

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES AS OF SEPTEMBER 30, 2021

MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.

Joint Venture Property	Market	# of units	Ownership Interest
Post Massachusetts Avenue	Washington, D.C.	269	35%

Dollars in thousands	As of September 30, 2021
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company’s Equity Investment
Post Massachusetts Avenue	$	79,973	(1)	$	51,795	(2)	$	42,842

	Three months ended September 30, 2021				Nine months ended September 30, 2021
Joint Venture Property	Entity NOI		Company’s Equity in Income		Entity NOI		Company’s Equity in Income
Post Massachusetts Avenue	$	1,636	$	258	$	4,985	$	915

(1) Represents the net book value plus accumulated depreciation.

(2) The mortgage note has an outstanding principal value of $52.0 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2021

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,515,887		99.4	%		3.4	%		9.0
Floating rate debt		25,000		0.6	%		0.2	%		0.1
Total	$	4,540,887		100.0	%		3.4	%		8.9
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,175,256		91.9	%		3.3	%		7.4
Secured debt		365,631		8.1	%		4.4	%		27.0
Total	$	4,540,887		100.0	%		3.4	%		8.9
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2021 NOI			Percent of Total
Unencumbered gross assets	$	14,182,664		94.6	%		266,151			95.1	%
Encumbered gross assets		810,897		5.4	%		13,586			4.9	%
Total	$	14,993,561		100.0	%		279,737			100.0	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2021 (CONTINUED)

Dollars in thousands

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Interest Rate
2021	$	—		—
2022		124,779		3.3	%
2023		348,666		4.2	%
2024		397,820		4.0	%
2025		402,578		4.2	%
2026		296,238		1.2	%
2027		595,565		3.7	%
2028		395,935		4.2	%
2029		560,748		3.7	%
2030		297,109		3.1	%
Thereafter		1,096,449		3.0	%
Total	$	4,515,887		3.4	%

DEBT MATURITIES OF OUTSTANDING BALANCES

	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2021	$	25,000	$	—	$	—	$	25,000
2022		—		124,779		—		124,779
2023		—		348,666		—		348,666
2024		—		397,820		—		397,820
2025		—		396,805		5,773		402,578
2026		—		296,238		—		296,238
2027		—		595,565		—		595,565
2028		—		395,935		—		395,935
2029		—		560,748		—		560,748
2030		—		297,109		—		297,109
Thereafter		—		736,591		359,858		1,096,449
Total	$	25,000	$	4,150,256	$	365,631	$	4,540,887

(1)The $25.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of September 30, 2021. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended September 30, 2021, average daily borrowings outstanding under the commercial paper program were $161.5 million.

(2)There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of September 30, 2021. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

DEBT COVENANT ANALYSIS (1)

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	30.3%	Yes
Total secured debt to adjusted total assets	40% or less	2.4%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.8x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	329.9%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	26.0%	Yes
Total secured debt to total capitalized asset value	40% or Less	2.2%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.8x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	24.9%	Yes

(1) The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.

Supplemental Data S-10

2021 GUIDANCE

MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected Core FFO per Share and Core AFFO per Share is provided below.

	Full Year 2021
Earnings:
Earnings per common share - diluted	$4.58 to $4.70
Midpoint	$4.64
Core FFO per Share - diluted	$6.88 to $7.00
Midpoint	$6.94
Core AFFO per Share - diluted	$6.20 to $6.32
Midpoint	$6.26
MAA Same Store Portfolio:
Number of units	97,003
Average physical occupancy	95.90% to 96.10%
Property revenue growth	4.90% to 5.30%
Full year effective blended lease-over-lease pricing	9.50% to 10.50%
Property operating expense growth	4.25% to 4.75%
NOI growth	5.00% to 6.00%
Real estate tax expense growth	3.25% to 4.25%
Corporate Expenses:
General and administrative expenses	$51.0 to $53.0 million
Property management expenses	$55.0 to $57.0 million
Total overhead	$106.0 to $110.0 million
Transaction/Investment Volume:
Multifamily acquisition volume	—
Multifamily disposition volume	$250.0 to $300.0 million
Development investment	$250.0 to $350.0 million
Debt:
Average effective interest rate	3.3% to 3.5%
Capitalized interest	$9.0 to $10.0 million
Diluted FFO Shares Outstanding:
Diluted common shares and units	118.5 to 119.0 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE

	Full Year 2021 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.58		$	4.70
Real estate depreciation and amortization		4.15			4.15
Gains on sale of depreciable assets		(1.78	)		(1.78	)
FFO per Share - diluted		6.95			7.07
Non-Core FFO items (1)		(0.07	)		(0.07	)
Core FFO per Share - diluted		6.88			7.00
Recurring capital expenditures		(0.68	)		(0.68	)
Core AFFO per Share - diluted	$	6.20		$	6.32

(1)Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs and mark-to-market debt adjustments.

Supplemental Data S-11

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F2	BBB+	Positive
Moody’s Investors Service (2)	P-2	Baa1	Stable
Standard & Poor’s Ratings Services (1)	A-2	BBB+	Stable

(1)Corporate credit rating assigned to MAA and MAALP

(2)Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q4 2021		Q1 2022		Q2 2022		Q3 2022
Earnings release & conference call	Late January		Late April		Late July		Late October
Dividend Information - Common Shares:	Q3 2020		Q4 2020		Q1 2021		Q2 2021		Q3 2021
Declaration date	9/24/2020		12/8/2020		3/23/2021		5/18/2021		9/28/2021
Record date	10/15/2020		1/15/2021		4/15/2021		7/15/2021		10/15/2021
Payment date	10/30/2020		1/29/2021		4/30/2021		7/30/2021		10/29/2021
Distributions per share	$	1.0000	$	1.0250	$	1.0250	$	1.0250	$	1.0250

INVESTOR RELATIONS DATA

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.

For Questions Contact:
	Name	Title
	Tim Argo	Senior Vice President, Director of Finance
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-12

XML

Document And Entity Information	Oct. 27, 2021
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 27, 2021
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Entity Emerging Growth Company	false
Entity File Number	001-12762
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543819
Entity Address, Address Line One	6815 Poplar Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol(s)	MAA
Security Exchange Name	NYSE
Cumulative Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share
Trading Symbol(s)	MAA*I
Security Exchange Name	NYSE
Limited Partner [Member]
Document And Entity Information [Line Items]
Entity Registrant Name	MID-AMERICA APARTMENTS, L.P.
Entity File Number	333-190028-01
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543816